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Queensland to boost critical minerals sector with $245 million investment

Published 29/06/2023, 02:23 pm
© Reuters.  Queensland to boost critical minerals sector with $245 million investment
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Queensland has unveiled plans to invest A$245 million in the expansion of its critical minerals sector with a new strategy that will position the Sunshine State as a global leader in the industry.

The news comes hot on heels of the recent unveiling of the Federal Government's strategy aiming to establish Australia as a major producer of raw and processed critical minerals by 2030.

Critical minerals play a vital role in smart technology and clean energy, and Australia has been increasing its funding for projects in this sector, which is key towards achieving the country's net-zero goals.

However, the complexity involved in mining, processing and marketing these minerals often poses challenges for developers seeking financial support – which the investment aims to resolve.

"World's richest mineral-producing areas"

Speaking at the World Mining Congress, Queensland Premier Annastacia Palaszczuk said: "In Queensland, we have some of the world's richest mineral-producing areas, which in North Queensland alone is estimated to be worth $500 billion.

"This is why our government is investing $5 billion to build CopperString 2032, to connect the North West Minerals Province with the largest renewable energy zone on the east coast of Australia to mine and process critical minerals with renewable energy.

"The Queensland Critical Mineral Strategy is about growing this industry by not just mining the raw materials but also being able to process it and manufacturing renewables right here in Queensland.

"I want Queensland to be a global leader, supplier and manufacturer of critical minerals, and this strategy will help us achieve that."

Dedicated office

To oversee the development of the critical minerals sector, Queensland will establish a dedicated office named Critical Minerals Queensland.

The state, which is abundant in metals such as zinc, cobalt and vanadium, aims to position itself as a global leader, supplier and manufacturer of critical minerals.

Australia possesses substantial reserves of critical minerals and currently supplies nearly half of the world's lithium.

Additionally, the country is also a significant producer of rare earth, cobalt, copper and graphite, although the processing of these minerals is largely conducted in China.

Read more on Proactive Investors AU

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